Transforming Africa’s Energy Landscape: Norfund Invests USD 40 mn

(3 Minutes Read)

Norwegian investment fund Norfund has increased its investment in CrossBoundary Energy (CBE) to USD 40 million, effectively doubling its stake and reinforcing its commitment to Africa’s green energy transition. Finalised in December 2024, this deal aims to boost renewable energy initiatives in 18 African countries. As a result, CBE’s portfolio now totals around $680 million, featuring a variety of clean energy assets, including:

• 500 MW of solar, wind, and thermal power plants
• Over 600 MWh of battery storage solutions
• Hybrid power plants for mining operations
• Distributed solar PV and battery systems for telecommunications
• Rooftop and ground-mounted solar PV installations for industrial clients

CBE serves prominent corporations in Africa, such as Rio Tinto, Heineken, Unilever, Diageo, and Devki Group, providing them with affordable, reliable, and clean energy solutions.

Norfund’s legal advisory for this transaction was provided by Asafo & Co., with partner Patrick Larrivé leading the team along with associates Othmane Mestari and Guy-Fabrice Holo. The firm had also assisted Norfund with its initial $40 million investment in CBE back in July 2022. This follows prior funding from ARCH’s Africa Renewable Power Fund, further supporting CBE’s goal to expand clean energy capacity across the continent.

Rivhatshinyi Mandavha, Norfund’s senior investment manager, remarked on the investment, highlighting the rising demand for innovative energy solutions in Africa. She noted that CrossBoundary Energy is well-positioned to enhance clean energy capacity and job creation on the continent.

Read Also:

https://trendsnafrica.com/norfund-to-invest-in-south-african-raisin-processor-and-distributor-redsun/

Norfund’s investment demonstrates strong confidence in CBE’s ability to meet the growing needs of commercial and industrial clients for affordable, clean, and reliable energy—essential for fostering sustainable growth across key African industries and economies. With Africa’s clean energy sector on the rise, this investment cements CrossBoundary Energy’s role as a key contributor to sustainable industrial development and carbon emission reduction throughout the region.